MYR Group Q2 revenue beats estimates on C&I segment growth
MYRG•Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $1.08 billion | $995.77 million (9 analysts) |
| Q2 EPS | $3.17 | ||
| Q2 Net Income | $49.90 million | ||
| Q2 Gross Margin | 13.20% | ||
| Q2 EBITDA | $85 million | ||
| Q2 Gross Profit | $142.70 million |
Result drivers
- C&I segment growth - Revenue in the Commercial and Industrial segment rose sharply, mainly due to increased revenue on fixed-price contracts
- Gross margin improvement - Gross margin increased due to better-than-anticipated productivity, favorable job closeouts and increased project scope, partially offset by higher costs from project inefficiencies
- Sustained customer demand - Management cited ongoing investment in electrical infrastructure and strong demand across core markets as key drivers
Quarterly results
- US specialty electrical contractor's Q2 revenue rose, beating analyst expectations
- Q2 net income and EPS reached record highs, driven by higher margins and demand
- Backlog at quarter-end hit a record , signaling strong future demand
